HOOD stock could witness a sell-off in the near term as investors book profits. The stock rose too much, too quickly. The brokerage company hasn’t revealed a date for releasing its second-quarter earnings results yet. Investors have already been warned that Robinhood’s customer and revenue growth might slow in the current quarter.
Robinhood has several lawsuits filed against it. Also, the company depends on inconsistent cryptocurrency revenue. In the first quarter, Robinhood’s cryptocurrency transaction revenue reached $87.6 million, which represents a growth of more than 2,000 percent YoY. It accounted for 17 percent of Robinhood’s revenue in the quarter.
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